ABS

The Treasury Department has turned down Fannie Mae's request to sell roughly $2.6 billion in low-income housing tax credits (LIHTCs) to Goldman Sachs. The denial letter came late in the day Friday.

Developers Diversified Realty Corp. (DDR) is selling $400 million of debt in the first deal to be sold under the Federal Reserve's Term ABS Loan Facility (TALF) new-issue CMBS program, according to published reports.

RLJ Western Asset Management has completed an initial closing of a Public-Private Investment Fund (PPIF) for the U.S. Department of Treasury’s Public-Private Investment Program (PPIP).

Later this week an American Securitization Forum (ASF) committee is expected to vote on TBA delivery rule changes, possibly increasing the Jumbo loan limit to 20% from the 10% it is currently.

The Federal Housing Finance Agency (FHFA) said late Friday that the Federal Home Loan Bank of Seattle remains "undercapitalized" and will not be allowed to redeem or repurchase stock or pay dividends.

The Federal Deposit Insurance Corp. (FDIC) will be holding a meeting on Nov. 12 to discuss a proposed memorandum and resolution related to the safe harbor regulation it issued in 2000.

Just a week after industry players gathered at Information Management Network's ABS East event — where securitization players still seemed down on the prospects of a CDO market staging a return — Citigroup is reportedly marketing a rated CDO.

Investment management firm RS Investments added a new portfolio manager, it announced late Thursday.

Lending through the Federal Reserve Board's discount window grew less than 1% over the past week, to almost $110 billion.

USAA Federal Savings Bank priced its $1 million auto loan ABS yesterday. Barclays Capital and Credit Suisse were lead managers on the deal.

Buyout activity was evident in FNMA 2008 and 2007 premium coupon vintages. Speeds on 6s, 6.5s and 7s increased around 20% on those production years versus expectations of a 10% increase.

Fannie Mae posted yet another stunning loss in the third quarter, $18.8 billion, noting that it now owns or guarantees close to $200 billion in nonperforming assets.

With the nation's unemployment rate busting through the 10% mark in October, President Obama on Friday signed legislation extending the $8,000 first-time homebuyer tax credit and giving additional tax breaks to certain homeowners trading up.

The Securities and Exchange Commission (SEC) announced that three experts in the fields of risk management, structured finance and corporate transactions have been named to senior positions at its newly-established division of risk, strategy, and financial innovation.

There are those who predict that the next sky to fall with be the one above CMBS. The question for our markets is: Will it also land on leveraged finance?

Ginnie Mae guaranteed more than $38.6 billion in MBS over the month of October. For the first 10 months of calendar 2009, the agency provided close to $376 billion of liquidity to the secondary market, compared with $219 billion for the first 10 months of last year.

The Higher Education Loan Authority of the State of Missouri has priced a FFELP-backed student loan ABS.

Ambac Financial Group left investors hanging yesterday.

Wilshire Credit Corp., Beaverton, Ore., is talking to Fannie Mae about becoming a "force-placed" servicer for the GSE, according to investment banking sources familiar with the situation.

House Financial Services Committee Chairman Barney Frank, D-Mass., has vowed in a letter to regulators to try to strengthen proposed rules on derivatives.